May 18, 2020 by Kaeli Lindholm
In today’s episode of The Fierce Factor, Kaeli shares some training that she has been going over in her Facebook group. She focuses on how you can strengthen your brand and position yourself to survive and thrive without compromising the integrity of your pricing. Can you adapt your model to fit with the new economy, and importantly, should you discount?
Kaeli acknowledges that the landscape of the esthetics industry is rapidly changing due to COVID-19, but there is no need for rash decision making. Kaeli explains that decisions you make today could impact your business for up to 3 years after the economy recovers from recession.
Kaeli goes onto discuss a study conducted by Harvard Business that found that out of 4000 businesses, only 9% recovered after the previous recession. We then hear how offering deep discounts and promotions trains your client base to expect lower pricing, making recovery after recession even more difficult.
Instead of price cuts, Kaeli provides different strategies to thrive. She suggests looking at ‘apples to oranges’ pricing instead of direct comparisons. Ensure you educate your clients about the value and what is included, and not included, in the price.
Don’t assume your loyal clients won’t pay regular prices. Demand will be high after the lockdown ends and there will be a backlog of people looking for services.
Invest in thoughtful marketing. Continue to show up and engage your client base and it will help you to increase your patient volume.
Finally, Kaeli recommends that you always offer free value, not free product. With these strategies behind you, you and your practice can thrive now and after the lockdown ends.